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Financial Conduct Authority fines Vanquis £2 million

The U.K. Financial Conduct Authority has imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation to customers, which constitutes the amount of the charges not disclosed to customers when they bought the ROP.

When selling the ROP, Vanquis told customers how the product worked and what the monthly charge was, but did not inform customers that the full cost of the product included an interest component where there was an end-of-month unpaid balance on their credit card.

The FCA on 27 February ordered Vanquis to pay back the interest customers were charged on the ROP from 1 April 2014 to when customers were informed of the full cost of the ROP. Vanquis has voluntarily agreed to pay back the interest customers were...

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